On August 13, several Wall Street English campuses in Shanghai were closed. Blue Whale Finance went to several teaching points and found that the door of the store was closed. The Blue Whale video team went to the headquarters of the Wall Street English Golden Trade Building, and the door was locked and the glass door was blocked.
A police officer registered the information of students outside the gates of a campus, including personal information and tuition fees, and counted the number of people involved. There are Wall Street English user organizations reporting the case. Among them, some trainees suggested that users who used training loans contact trainees who had just paid in August or recently reported the case as suspected fraud.
Chen An (pseudonym), a former Wall Street English employee in South China, told that since the first half of 2020, there have been pay cuts, and only 50% of the minimum wage has been paid for several months. It is understood that the salary reduction and wage arrears of employees and foreign teachers also exist in shanghai. Chen An revealed that in the more than ten stores in his charge, more than half of the trainees use installment payment. He said that the trainees are usually post-80s, post-90s or even post-00s, and the awareness of early consumption is high. As early as 18 years, Wall Street English was caught in the campus loan storm.
According to the registration information of students in a certain region of East China obtained by Blue Whale Finance, most of the more than 700 students filled in the amount of the proposed appeal between 10,000 yuan and 200,000 yuan, and more than 100 explicitly mentioned the use of installment payment, the main channel is Du Xiaoman Finance, in addition to consumer finance companies and bank credit cards.
Blue Whale Finance learned from Zhao Yue (pseudonym) that it had applied for a refund in early 2020 and was asked by Wall Street English employees to repay the remaining installment loan of Du Xiaoman Financial before fulfilling its commitment of 17,000 yuan. The local branch school used the epidemic as an excuse to shirk the failure to process the refund documents, and Zhao Yue had repaid the loan, but the refund was far away.
According to the data provided by Zhao Yue, in Baidu, there is money to spend app, the service name of the installment details and agreement is "Wall Street English Ordinary Course", nearly 19,000 yuan of borrowing, 24 periods of repayment of more than 860 yuan per period. Baidu Finance has changed its name to Xiaoman Finance, and Has money to spend is its lending brand.
Currently, there are users who have not completed the installment repayment. Qin Ling (pseudonym) said that it has money to spend on education installment services through Baidu, and currently has more than two years of contract period with Wall Street Finance, and the installment service has not yet expired.
A consumer staging platform said that when users use installments, financial institutions have paid the full amount to the merchant. The user contract shows that those who choose to pay in installments through consumer credit or credit card merchants should repay the loan by the specified date after obtaining approval from the financial institution. Disputes with financial institutions, resolved with financial institutions, unless otherwise provided by laws and regulations, shall not affect the execution of this contract. Previously, in the case of long-term rental apartment thunderstorms, some financial institutions transferred the pressure of rent loans from tenants.
Renewals and upgrades are required months in advance, and graduates pay nearly 50,000 yuan in less than a year
Zhan Bing (pseudonym), a student who has just worked for one year, said that he had installted tuition fees through Wall Street English partner Du Xiaoman Finance, and then chose to borrow in installments through Jingdong Finance because of the amount of service fees, and then paid to Wall Street English, and there are still more than 10,000 yuan outstanding. In addition, Wall Street English employees have introduced guangfa bank credit cards to them, and there will be guangfa bank employees at the Wall Street English office. However, due to reasons such as his new job, Zhanbing's GF credit card application was not approved.
It is worth noting that Zhan Bing revealed that after graduating in 2020, it experienced the lesson through the Meituan takeaway lottery, and after the experience, the sales said that it would give special prices to young people. Halfway through the first year of study, Sales had already proposed to renew the contract for one year and suggested upgrading the VIP online course on the grounds that the course was difficult and the results were fast. The first year of study has not yet expired, in less than a year, Zhan Bing paid for two years of tuition, as well as the cost of the upgraded VIP course, a total of nearly 50,000 yuan. Zhan Bing, who has just graduated from work, has nowhere to perform the language learning courses purchased, and he also has to face a bill of more than 10,000 yuan on the installment platform.
There are many cases in which students pay large tuition fees in advance, and their contracts expire after 2030.
The Wall Street English shutdown came suddenly, and in August, tens of thousands of students were still paying and taking classes on the campus. At the same time, the hint of its tight capital chain has long been revealed, and in recent months, some campuses have issued documents saying that they have merged with other campuses, involving Shanghai Jin Mao Tower Campus, Century Hui Campus, Global Harbor Center Campus, Hongqiao Nanfengcheng Campus, Beijing Dawanglu Campus and Jiuxianqiao Campus. The tuition fee amount given by the course consultant is reduced and the fee is only paid for 3, 6 or 9 months at a time. On the evening of the 12th, the news of wall Street English's proposed bankruptcy was released, and on the second day, stores in Beijing and Shanghai were closed one after another.
Funding gaps in Wall Street English include employee salaries, housing rents, and tuition fees for students. Since March 2020, Wall Street English has been sued by a Shanghai real estate company for paying 385,000 yuan in rent, as well as other late fees and property management fees, and the amount of execution involving 697,900 yuan has been paid. At a campus in Guangzhou, a notice of a shopping mall was posted at the door, saying that as of August 13, Wall Street English Training Center (Guangdong) Co., Ltd. was in arrears of rent, utility bills and late fees totaling 230,000 yuan. In Beijing, the Financial Street Mall also pointed out that Wall Street English brands have long been in arrears in rent.
At present, china execution information disclosure network does not have relevant execution information of Wall Street English Training Center (Shanghai) Co., Ltd., and Wall Street English Training Center (Guangdong) Co., Ltd. and its branches involve 25 execution records.
In addition to the problem of training loan repayment, the trainees have talked about the responsible subjects. According to the official website of Wall Street English, its main body is Wall Street English Training Center (Shanghai) Co., Ltd. According to the information of Tianyancha, the company is wholly owned by Hong Kong Gamma-Master Co., Ltd., and the legal person is David Kedwards. Public information shows that its founder is Li Wenhao, formerly known as Luigi T. Peccenini. According to public information, Wall Street English was founded in Italy in 1972 and has entered the Chinese market since 2000. On November 27, 2017, Barings Asia and CITIC Capital announced the acquisition of Wall Street English for $300 million, and in March 2018, the acquisition was approved by the government. It is said that CITIC Capital has withdrawn, and at present, CITIC Capital and Wall Street English have no direct connection in domestic industrial and commercial information.
This article originated from Blue Whale Finance